Insights from NRF suggest that in order for retailers to innovate and become truly consumer centric, they must leverage the opportunities of – data, personalisation and transformation.
1. The Importance of Data - When it comes to modern retailing, data is the currency - but the big problem for many of the retailers attending NRF 2020 is that disparate data systems make it incredibly difficult for retailers to assess who exactly their customers are. Data is key to the majority of the technologies that could transform a retailer’s business, from AI-powered personalisation to inventory management – if retailers don't have a grip on their data, they won't be able to truly transform their businesses.
2. Personalisation and Creating a 1:1 Dialogue - In order to provide amazing customer experience, retailers clearly need to have their customer data to hand, but what really matters is what you do with that data. Personalising the shopper experience allows retailers to get super close to their customers and this was clearly a trend during NRF 2020.
3. Transformative Commerce - Does any of this excellent customer experience driven by data and personalisation really matter if shoppers aren't actually taking their goods to the till point or clicking the buy button? Using technology to make this last step of the purchase journey as simple as possible is key, as well as following up with the customer post-purchase.
In each section of the report, we cover the best-in-class examples of these trends in action, sharing insights that will enable your brand to achieve success.